Luiz Felipe Scolari's side were very popular in the outright in the run-up to the tournament and although they have progressed through Group A and into the quarter-finals some may consider that they have not yet justified their favouritism.
That said, they will have another passionate home crowd behind them and with Neymar demonstrating his goalscoring abilities on home soil, they will be tough to beat.
A positive for Brazil backers is that Scolari's men demonstrated their ability to perform under pressure, winning their penalty shoot-out against Chile and continuing their World Cup journey.
Paddy Power are offering new customers the chance to back Brazil at a massive 4/1 (5.0), a price enhanced from 4/5 (1.80), making it better than three times what is on offer elsewhere.
Brazil may have been a little fortunate to make it past Chile in the round of 16 but the Selecao face another stiff test of their World Cup credentials on Friday evening.
Colombia have been very impressive in the tournament thus far, notching four consecutive wins, and boast the competition's top scorer in James Rodriguez, who is one strike ahead of Neymar, Lionel Messi and Thomas Muller with five goals.
Jose Pekerman has been without the services of talisman Radamel Falcao through injury but his Monaco team-mate Rodriguez has proved himself more than an adequate replacement, performing consistently over the last two weeks to fire Colombia to the top of their group and past Uruguay in probably the most impressive last 16 victory.
They will already have convinced some punters that they are worth chancing on Friday and Paddy Power are offering new customers a huge 12/1 (13.0) on the underdogs beating the hosts in Fortaleza.
Colombia are a best price 19/5 (4.80) elsewhere so the opportunity to back them against a somewhat unconvincing Brazil side at a price as big as 12/1 (13.0) is bound to prove popular.
Far from the high-scoring group stages, the knockout stages of the World Cup have been much tighter, lower scoring affairs. For those who can see this game going to extra time, Paddy Power are enhancing the odds on a draw in 90 minutes from 11/4 (3.75) to 9/1 (10.0).
Whatever your view on this game there is an enhanced pice on offer for everyone and anyone without a Paddy Power account can take advantage of these great prices.
For those who already have an account, there is also a Money Back Special on offer from the Irish bookmaker. If this match ends in a penalty shootout, Paddy Power will refund all losing First Goalscorer, Last goalscorer, Correct Score & Scorecast singles on this match as a free bet.
Anyone without a Paddy Power account who wants to take advantage of these offers can sign up for one here.
|World Cup Enhanced Price
|New Paddy Power customers can back Brazil at 4/1, the draw at 9/1 or Colombia at 12/1 with Paddy Power|
Jim Knight is Chief Betting Editor at Goal.com and has been tipping football games since he was old enough to place a bet. He is a Leicester City fan, writer and member of the We Are Going Up Podcast